Mallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in thousands):

2016	2017	2018	2019	2020
$ 200	$ 40	$ 0	$ 0	$ (280)

Mallocks federal tax rate decreased from 35% to 21% starting in 2018. Mallock accounts for its 2020 NOL under the CARES Act.

Required:

1. Prepare the appropriate journal entry to record Mallocks 2020 income taxes.
2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit.